Saturday, June 5, 2010

BP (NYSE:BP) Oil Collection Better than Thought

In the first 24 hours since capping the oil leak, BP (NYSE:BP) has collected 6,000 barrels of oil, higher than the 1,000 barrels of oil originally thought to have been captured by the oil giant, according to Coast Guard Admiral Thad Allen.

That many barrels of oil is the equivalent of about 252 gallons.

BP has a goal of producing 15,000 barrels a day using the siphoning method they're now employing, which should remove the bulk of the oil leaking into the Gulf, although there is no way of knowing the exact mount being released, as estimates now are from between 12,000 to 19,000 a day.

So if it's on the lower end, BP won't reach it's goal simply because there isn't that much oil leaking.

Either way, some oil will end up leaking into the Gulf until two relief wells are completed. Estimates for that are from August to possibly as late as December.